Retirement planning should start as soon as possible after you start working because the longer you delay, the fewer options you will have and the harder it’s going to be to reach your retirement income goal. Australians are living longer into retirement and it is important that you have enough to enjoy your retirement rather than just exist on a pension and perhaps a bit more.
While 65 years is often considered the “official” retirement age, there’s a growing variation in the ages at which people stop working. The Age Pension for many is now out to 67 so we are going to be working longer unless we can save more for our retirement. Remember that and income stream from your Superannuation is tax-free for those retired who are 60 years of age or older. Better off you getting more benefit for your retirement savings rather than paying tax to the ATO.
Peter will work with you to determine your statistical life expectancy (and therefore how long your retirement income will need to last), the lifestyle you want to have in retirement, the expenses that may still need to be covered and the likely impact of inflation.
With this information in hand Peter will discuss the various investment options and your risk tolerance level.